Named after section 32 of the Finance Act 1981 (now repealed), a deferred annuity policy which a deferred member of an occupational pension scheme could enter into by transferring his or her paid-up pension rights from a previous employment. No further contributions could be made and the member would be subject to the same restrictions on drawing benefits as under an occupational scheme. Before 6 April 2006, these policies were set up under section 591 of the Income and Corporation Taxes Act 1988 and were subject to the discretionary approval of HM Revenue & Customs (HMRC). Since 6 April 2006, deferred annuity policies count as registered pension scheme under the Finance Act 2004 (see RPSM02104010).